LANSING, MI (WHTC-AM/FM, Aug. 23, 2023) – A regional financial firm focused on bolstering non-profit organizations in six states is getting some funds from Lansing.
During Tuesday’s monthly board meeting of the Michigan Strategic Fund, the panel approved a $10 million from the Workforce Housing Loan Fund to IFF. According to a statement from Governor Whitmer’s office, as protocol has the Chief Executive formally announcing all such grants from the MSF, the money will go towards investments in rental residential projects that address attainable housing needs across Allegan, Ottawa and Kent County. The previous Ottawa County board had approved last November resources to a similar fund with IFF to help leverage an additional $82.5 million dollars for supporting such needed housing supply, and IFF will use this new source of cash to leverage up to $55 million more.
Housing created by these grants and allocations has a requirement that 20 percent of units be designated for individuals and families with incomes of between 60 percent and 120 percent of the Area Median Income, and be able to maintain affordability of the residences for 10 years.
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